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Do we need the IMF to resolve a crisis? : lessons from past episodes of debt restructuring

Maier, Philipp (contributor) - 2007

This study investigate how debt restructurings have evolved over the decades. Debtors and creditors have a long history of engaging an outsider a third partyʺ, such as the IMF to organise and facilitate debt restructurings. As we show, the importance of these third partiesʺ has grown over...

Persistent link: https://www.econbiz.de/10003463647

Quantum Monte Carlo for economics : stress testing and macroeconomic deep learning

Skavysh, Vladimir; Priazhkina, Sofia; Guala, Diego; … - 2022 - Last updated: June 28, 2022

with credit shocks and fire sales and (b) a dynamic stochastic general equilibrium (DSGE) model solved with deep learning …

Persistent link: https://www.econbiz.de/10013264908

Interbank asset-liability networks with fire sale management

Feinstein, Zachary; Halaj, Grzegorz - 2020 - Last updated: September 28, 2020

Interconnectedness is an inherent feature of the modern financial system. While it contributes to efficiency of financial services, it also creates structural vulnerabilities: pernicious shock transmission and amplification impacting banks' capitalization. This has recently been seen during the...

Persistent link: https://www.econbiz.de/10012291202

Cheap but flighty : how global imbalances create financial fragility

Ahnert, Toni; Perotti, Enrico C. - 2015

countries to expand their domestic credit, risk-intolerant foreign investors withdraw even under minimal uncertainty. We show …

Persistent link: https://www.econbiz.de/10011304762

A wake-up-call theory of contagion

Ahnert, Toni; Bertsch, Christoph - 2015

We propose a novel theory of financial contagion. We study global coordination games of regime change in two regions with an initially uncertain correlation of regional fundamentals. A crisis in region 1 is a wake-up call to investors in region 2 that induces a reassessment of local...

Persistent link: https://www.econbiz.de/10010508402

Policy rules for capital controls

Pasricha, Gurnain Kaur - 2017

to domestic bank credit to the private non-financial sector. The adoption of explicit financial stability mandates by …

Persistent link: https://www.econbiz.de/10011777963

Credit, asset prices, and financial stress in Canada

Misina, Miroslav (contributor); Tkacz, Greg (contributor) - 2008

Historical narratives typically associate financial crises with credit expansions and asset price misalignments. The … question is whether some combination of measures of credit and asset prices can be used to predict these events. Borio and Lowe … problem, we focus on financial stress and ask whether credit and asset price movements can help predict it. To measure …

Persistent link: https://www.econbiz.de/10003711679

Fragility of resale markets for securitized assets and policy of asset purchases

Kuncl, Martin - 2016

Markets for securitized assets were characterized by high liquidity prior to the recent financial crisis and by a sudden market dry-up at the onset of the crisis. A general equilibrium model with heterogeneous investment opportunities and information frictions predicts that, in boom periods or...

Persistent link: https://www.econbiz.de/10011552808

Monetary policy and financial stability : cross-country evidence

Friedrich, Christian; Hess, Kristina; Cunningham, Rose M. - 2015

risks, measured by a strongly positive credit to GDP gap, "leaning-type" central banks, i.e., those with a high FSO index …

Persistent link: https://www.econbiz.de/10011408612

Monetary policy independence and the strength of the global financial cycle

Friedrich, Christian; Guérin, Pierre; Leiva-Léon, Danilo - 2020 - Last updated: June 5, 2020

We propose a new strength measure of the global financial cycle by estimating a regimeswitching factor model on cross-border equity flows for 61 countries. We then assess how the strength of the global financial cycle affects monetary policy independence, which is defined as the response of...

Persistent link: https://www.econbiz.de/10012243375